Asian Shares Recover Early Losses To End Mixed

Asian stocks turned in a mixed performance on Monday as global growth worries persisted and investors awaited key economic indicators from China due Wednesday for directional cues.

Chinese markets posted strong gains after the China Securities Regulatory Commission rolled out a series of measures over the weekend to support the private sector.

The benchmark Shanghai Composite index surged 31.65 points or 1.22 percent to 2,630.52 while Hong Kong’s Hang Seng index closed 0.12 percent higher at 25,633.18.

Japanese shares ended little changed amid lack of fresh catalysts after the U.S. midterm elections. The Nikkei average finished marginally higher at 22,269.88, while the broader Topix index closed a tad lower at 1,671.95.

Tech shares underperformed, with Advantest losing 5.5 percent and TDK Corp declining 4 percent. Defensive stocks such as Tokyo Gas and East Japan Railway rose around 1 percent.

Sony tumbled 3.1 percent and Panasonic declined 1.6 percent despite a modestly softer yen. Real estate developer Mitsui Fudosan jumped 3.5 percent after raising its net profit forecast for the year ending March 2019.

Australian markets ended mostly higher, with energy stocks leading the surge after oil prices rose over 1 percent in Asian trade on the back of news that Saudi Arabia would reduce crude sales in December.

The benchmark S&P/ASX 200 rose by 19.50 points or 0.33 percent to 5,941.30, a three-week high, while the broader All Ordinaries index ended up 16.20 points or 0.27 percent at 6,027.20.

Woodside Petroleum, Santos, Oil Search and Origin Energy climbed 1-2 percent as oil prices climbed after a record run of losses. Healthscope shares soared 14.4 percent after the company said it had received a second takeover offer, this time from Brookfield Capital Partners.

Agribusiness Elders jumped 19.7 percent after it reported a 9.1 percent increase in full-year underlying profit.

Seoul stocks ended slightly lower as large-cap bio shares fell heavily. The benchmark Kospi dropped 5.65 points or 0.27 percent to 2,080.44. Samsung BioLogics plunged as much as 22.4 percent ahead of an announcement by South Korea’s financial regulator over its accounting practices.

New Zealand shares eked out modest gains, with the benchmark S&P/NZX 50 index closing up 25.45 points or 0.28 percent at 8,956.85. Z Energy shares rallied 1.9 percent to extend last week’s recovery while Fletcher Building lost 3 percent.

U.S. stocks fell on Friday, with a spate of weak earnings, falling energy prices on concerns over a supply glut and worries about inflation weighing on markets.

The Dow dropped 0.8 percent, the tech-heavy Nasdaq Composite tumbled 1.7 percent and the S&P 500 lost 0.9 percent.

Bank Of France Sees Sustained Growth In Q4

The French economy likely retained its growth momentum in the fourth quarter, latest projection from the Bank of France indicated on Monday.

Gross domestic product is set to grow 0.4 percent in the fourth quarter of this year, the Bank of France projected in its latest monthly business survey report. This is the first estimate by the bank.

The pace of growth accelerated to 0.4 percent in the third quarter from 0.2 percent in the second quarter, largely underpinned by domestic demand and exports.

The survey also showed that the manufacturing business confidence index eased to 103 in October from 104 in September. Morale in the services sector was unchanged, while confidence improved in the construction sector.

Manufacturers expect industrial activity to increase somewhat more rapidly in November, the survey said. Service sector expansion is expected to remain at the same pace, while construction growth is forecast to slow.

CAC 40 Down 15 Points

French stocks fell modestly on Monday amid lack of fresh catalysts after the U.S. midterm elections.

The benchmark CAC 40 was down 15 points or 0.30 percent at 5,091 in opening deals after losing half a percent on Friday. Atos, Capgemini, Dassault Systemes, Michelin and STMicroelectronics were among the prominent decliners.

In economic releases, French gross domestic product is set to grow 0.4 percent in the fourth quarter of this year, the Bank of France projected in its latest monthly business survey report.

The pace of growth accelerated to 0.4 percent in the third quarter from 0.2 percent in the second quarter, largely underpinned by domestic demand and exports.

Elsewhere, Asian markets turned in a mixed performance as global growth worries persisted and investors awaited key economic indicators from China due Wednesday for directional cues.

U.S. stock futures indicate a positive open on Wall Street after sharp losses on Friday.